potatoechuck5966 potatoechuck5966

12-11-2017
Mathematics

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Ifyouborrow$1200at14%interest,compoundedmonthly, and pay off the loan (principal and interest) at the end of two years, how much interest will you have paid?

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jorel1380 jorel1380

14-11-2017

0.14/12=.01167/month
(1.01167)^24=1.321
1.321x1200=1585.18
1585.18-1200=$385.18 interest paid
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